ProShares Ultra Gold (NYSEARCA:UGL) Shares Down 4.9% – Time to Sell?

Shares of ProShares Ultra Gold (NYSEARCA:UGL) were down 4.9% on Wednesday . The company traded as low as $47.04 and last traded at $47.3040. Approximately 1,698,890 shares traded hands during trading, a decline of 62% from the average daily volume of 4,474,504 shares. The stock had previously closed at $49.76.

Key Stories Impacting ProShares Ultra Gold

Here are the key news stories impacting ProShares Ultra Gold this week:

• Negative Sentiment: Hot CPI data reinforced bets that the Fed will stay restrictive, driving gold prices lower and strengthening the dollar. Gold (XAUUSD) Price Forecast: Gold Price Tumbles as Hot CPI Reinforces Fed Rate Hike Path
• Negative Sentiment: Gold is trading well below key technical levels, including the 200-day moving average, signaling continued selling pressure and weakening trend momentum. Gold Price Analysis – Gold Continues to See Selling Pressure
• Negative Sentiment: Analysts at Kitco and Saxo Bank said elevated inflation, higher yields, and a stronger dollar are keeping pressure on gold, with some warning the metal may need to test lower support levels before sentiment improves. Gold, silver fall as CPI keeps Fed pressure on – Kitco AM Report
• Negative Sentiment: Market commentary also highlighted the risk of further downside as traders increase bets on a possible Fed hike later this year, with charts pointing to a continuation of the downtrend. Gold, silver and bitcoin fall as traders up Fed rate hike bets
• Neutral Sentiment: Some reports noted that long-term gold fundamentals, including central bank demand and geopolitical risk, still offer support, but those tailwinds are being outweighed in the short term by rate and dollar pressure. $4,075/oz gold is now in play, and the price will need to challenge $4,600 before bullish momentum resumes – Saxo Bank’s Hansen

ProShares Ultra Gold Trading Down 6.9%

The business has a fifty day simple moving average of $59.25 and a two-hundred day simple moving average of $62.57.

Institutional Trading of ProShares Ultra Gold

Hedge funds have recently made changes to their positions in the stock. Strategic Advocates LLC bought a new stake in shares of ProShares Ultra Gold in the 3rd quarter worth approximately $29,000. IFP Advisors Inc boosted its position in shares of ProShares Ultra Gold by 65.1% in the 4th quarter. IFP Advisors Inc now owns 710 shares of the company’s stock worth $39,000 after purchasing an additional 280 shares in the last quarter. Group One Trading LLC boosted its position in shares of ProShares Ultra Gold by 711.7% in the 2nd quarter. Group One Trading LLC now owns 2,573 shares of the company’s stock worth $89,000 after purchasing an additional 2,256 shares in the last quarter. NewEdge Advisors LLC bought a new stake in shares of ProShares Ultra Gold in the 4th quarter worth approximately $217,000. Finally, Thoroughbred Financial Services LLC bought a new stake in shares of ProShares Ultra Gold in the 4th quarter worth approximately $222,000.

ProShares Ultra Gold Company Profile

ProShares Ultra Gold (the Fund) seeks daily investment results that correspond to twice (200%) the daily performance. The Fund generally invests in financial instruments as a substitute for investing directly in a commodity or currency in order to gain exposure to the commodity index, commodity or currency. The Funds may purchase United States Treasury Bills, agency securities, and other high-credit quality short-term fixed income or similar securities with original maturities of one year or less.